Silicon Metal Prices Remained in Stalemate, Wafer Cost Support Increased [SMM Silicon-Based PV Morning Meeting Summary]

SMM News, March 18:

Silicon Coal

Price: Silicon coal prices remained largely stable this week. The average price of non-caking silicon coal in Xinjiang was about 855 yuan/mt, while the price range of caking silicon coal was about 1,300-1,650 yuan/mt. The average price of silicon coal in Inner Mongolia was about 1,260 yuan/mt; the average price of mixed silicon coal in Gansu was about 930 yuan/mt, and granular coal averaged about 1,050 yuan/mt. The average price of silicon coal in Shaanxi was about 850 yuan/mt.

Supply: Some suspended mines in Xinjiang resumed normal supply from last Thursday, but new order transactions on the supply side were poor at present, and overall supply still followed a produce based on sales model.

Demand: Affected by the sluggish silicon metal market, downstream silicon plants were also generally cautious in procurement sentiment. With raw material support still in place, purchase willingness was not high, and overall just-in-time procurement remained the main approach.

Silicon Metal

Price: Spot silicon metal prices were stagnant and basically stable, while futures prices were in the doldrums yesterday. Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, and #441 silicon was at 9,300-9,600 yuan/mt, flat from the previous day. Yesterday, the futures market fluctuated around 8,550-8,650 yuan/mt and closed at 8,560 yuan/mt in late trading, with the center moving lower than the previous day. Downstream users mainly purchased at low prices based on demand, silicon metal prices maintained a fluctuating trend, and attention should be paid to macro disturbances to prices.

Production:

Some capacity on the supply side resumed production in early March. In mid-March, the operating rate of silicon metal saw largely stable movement, with no obvious short-term change in the operating rate.

Inventory:

Social inventory: According to SMM statistics, as of March 12, social inventory of silicon metal in major regions totaled 552,000 mt, down 1,000 mt WoW. (Excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Silicone

Price

DMC: Yesterday's transaction price was 13,800-14,300 yuan/mt, down 100 yuan/mt MoM. Overall market trading sentiment was weak at present. Although most downstream clients recently issued price increase notices, overall procurement sentiment remained cautious and most maintained a wait-and-see attitude, as end-use consumption had yet to show a clear improvement.

D4: Yesterday's quoted price was 14,100-15,000 yuan/mt, basically stable MoM.

107 silicone rubber: Yesterday's quoted price was 14,200-15,100 yuan/mt, down 150 yuan/mt MoM.

Raw rubber: Yesterday's quoted price was 14,900-15,300 yuan/mt, basically stable MoM.

Silicone oil: Yesterday's quoted price was 15,500-16,100 yuan/mt, basically stable MoM.

Production:

Under the continued supervision and implementation of emission reduction strategies, the operating rate of most upstream producers remained relatively low, and weekly supply was relatively stable WoW.

Inventory:

From the weekly situation, the overall inventory level increased slightly, as some individual enterprises saw a slight inventory buildup when new order transactions fell short of expectations.

Polysilicon

Price:

The quoted price for polysilicon N-type recharging polysilicon was 42-49 yuan/kg. Polysilicon prices continued to decline recently, mainly affected by wafer price cuts and market sentiment. At present, the low-end price of polysilicon has fallen below the cost line of some manufacturers, and the sentiment to hold quotes firm has strengthened somewhat. The upstream market was also still watching wafer price movements.

Production

In March, some small enterprises currently planned to start operations, together with an increase in the number of days, so polysilicon production is expected to increase to a certain extent. At present, there had not been any major changes in the operating rates of top-tier enterprises.

Inventory:

Polysilicon inventory declined slightly recently. Some top-tier polysilicon producers had toll processing plans over the past two months, consuming part of their polysilicon inventory.

Wafer

Price

Market prices for 18X wafers were 1.00-1.05 yuan/piece, 210RN wafers 1.1-1.15 yuan/piece, and 210N wafers 1.3-1.35 yuan/piece. Wafer prices remained stable, and current selling prices had already fallen below cash cost, so the likelihood of another sharp price cut was relatively small.

Production

Wafer production in March increased by about 10.71, mainly due to the increase in calendar days. According to the survey, except for three enterprises that actually cut production, the rest mainly increased output. Toll processing orders in the market increased and showed a more concentrated trend.

Inventory

Wafer enterprise inventory began to decline. After cell enterprises finalized their March production schedules, demand was stronger than supply, driving the wafer segment into destocking.

High-Purity Quartz Sand

Price

Currently in China, prices for inner layer quartz sand were 50,000-55,000 yuan/mt, middle layer sand 20,000-25,000 yuan/mt, and outer layer sand 13,000-20,000 yuan/mt, while imported high-purity quartz sand was priced at 70,000-73,000 yuan/mt. Prices for 33-inch quartz crucibles were 6,000-6,300 yuan/piece, and 36-inch quartz crucibles were 7,200-7,300 yuan/piece. The price ranges for inner layer quartz sand and 33-inch crucibles were adjusted.

Production

In March, quartz sand enterprises were expected to maintain a slight increase in planned production. High-purity quartz sand enterprises in China formulated production plans in line with wafer demand, while one high-purity quartz sand enterprise outside China delayed its average production plan.

Inventory

At the beginning of 2026, crucible enterprises made reasonable purchases based on wafer planned production, and quartz sand inventory levels continued to increase.